South Dakota Codified Laws 58-14-16.2. Eligibility for certification as reinsurer
In order to be eligible for certification as a reinsurer, the assuming insurer shall:
(1) Be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the director pursuant to §§ 58-14-16.4 to 58-14-16.6, inclusive;
Terms Used In South Dakota Codified Laws 58-14-16.2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Service of process: The service of writs or summonses to the appropriate party.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
(2) Maintain minimum capital and surplus, or its equivalent, in an amount promulgated in rule by the director;
(3) Maintain financial strength ratings from two or more rating agencies deemed acceptable by the director pursuant to regulation;
(4) Agree to submit to the jurisdiction of this state, appoint the director as the assuming insurer’s agent for service of process in this state, and agree to provide security for one hundred percent of the assuming insurer’s liabilities attributable to reinsurance ceded by the United States ceding insurers if the assuming insurer resists enforcement of a final United States judgment;
(5) Agree to meet applicable information filing requirements as determined by the director, both with respect to an initial application for certification and on an ongoing basis; and
(6) Satisfy any other requirements for certification deemed relevant by the director.
Source: SL 2017, ch 211, § 13.